Wal-Mart acquires social media company

Brisban, Calif. - Wal-Mart Stores has signed an agreement to acquire Kosmix, a social media technology platform that filters and organizes content in social networks.

Kosmix was founded in 2005 by Internet pioneers Venky Harinarayan and Anand Rajaraman, and is funded by Time Warner Investments, Accel Partners, Lightspeed Venture Partners, DAG Ventures, as well as private investors Jeff Bezos, Jon Miller, and Ed Zander.

Harinarayan, Rajaraman and the Kosmix team will operate as part of a newly formed Wal-Mart division dubbved @WalmartLabs, based in Silicon Valley. @WalmartLabs "will create technologies and businesses around social and mobile commerce that will support Walmart's global multi-channel strategy, which integrates the shopping experience between bricks and mortar stores and e-commerce," the retailer said in a statement.